Now one Question and confusion I have. When or how should I see the reverse in trend. I mean when should I change my bias?
I haven't put one of these up in a while....
Make Money Everyday - A Guide to Short-Term Trading
- #403
- May 17, 2011 1:18am May 17, 2011 1:18am
Alright I am completely changing my approach tonight, I have cleaned up my charts, only EU 1m and EU 15m open and I am only trading this method from now on.
I fried my brain last night trying to do WAY too many things at once. It took doing that to realise that I cannot do this unless I do it in a way that is sustainable. Burning myself out is not sustainable, especially trying to juggle my other career as well, so today I start anew.
I am only going to be trading full 12 pip pullbacks and sticking to my PT and SL. I find if I go for the 6 pullbacks moves in between I get far too emotional from being whipped around.
Same goes for exiting early with my PTs, if I try and manage the trade too much I get emotional and impatient. So I am going to stick hard to my SL and PT.
I may miss moves this way and I may miss my PT by 1-2 pips at times only to be stopped out. But it will keep my head in check and focussed on being patient and disciplined.
As I get more confident and familiar with PA I can start to modify things.
For now it's time to build some good habits!
Loving this thread guys! Big thank you to mongolian
I fried my brain last night trying to do WAY too many things at once. It took doing that to realise that I cannot do this unless I do it in a way that is sustainable. Burning myself out is not sustainable, especially trying to juggle my other career as well, so today I start anew.
I am only going to be trading full 12 pip pullbacks and sticking to my PT and SL. I find if I go for the 6 pullbacks moves in between I get far too emotional from being whipped around.
Same goes for exiting early with my PTs, if I try and manage the trade too much I get emotional and impatient. So I am going to stick hard to my SL and PT.
I may miss moves this way and I may miss my PT by 1-2 pips at times only to be stopped out. But it will keep my head in check and focussed on being patient and disciplined.
As I get more confident and familiar with PA I can start to modify things.
For now it's time to build some good habits!
Loving this thread guys! Big thank you to mongolian
- #406
- May 17, 2011 3:45am May 17, 2011 3:45am
1 - Buy limit order filled on retrace, went up 8-10 pips then came back to stop me out -6
2 - Fudged up my buy limit order so got in 3 pips late. TP 1.4187 +9
3 - I was tentative about this buy limit because price had been stuffing about there for awhile and I just had a feeling we weren't going to go any higher. So I put on a tenth of my normal sized position (s = small position). Sure enough stopped me out. -.5 of a pip
4 - Now I watched price get comfortable in a new direction and I didn't want in until price had gone below that most recent swing low. It went below it but just failed to reach 1.4150. I initially put a sell limit in, but then took it off because I am trying to be strict with my rules. Would have made my PT but I was happy to watch.
5 - Sell filled and PT hit at pivot just above . I'm still getting used to factoring in my spread so +9 profit.
6 - This is not on my chart (edit- is now) because while I was typing this I placed the orders.. I had been watching that there was GBP news coming out so I was planning to be off the charts at 6.30pm to go and buy dinner.
However while watching price retrace from 1.4137 moving towards 1.4150 where I had planned to place a sell stop, I decided against my plan and put in the sell stop (without checking the results of the news).
My order was filled and then I was promptly stopped out -6. Again without checking the news results I placed another sell stop at 1.4150. It was filled and price, even quicker this time, flew back up and stopped me out -6.
I then checked the news on GBP, it was positive and the Pound was flying up, so chances are the Euro was about to do the same..
Checking now it has done exactly that.
So quite a good night, up until the end
Feeling really good about it though, I was able to step back tonight and be patient and wait for price. Everytime I looked at the charts and thought 'c'mon get there', or 'stop stop'. I would take a few deep breaths and remind myself that price will do what price will do and that there are plenty of opportunities. That would prevent any emotions from taking hold and I was able to remain calm and cool.
Silly mistake with the news at the end, but I won't do that again now, so that was a little learning bonus
2 - Fudged up my buy limit order so got in 3 pips late. TP 1.4187 +9
3 - I was tentative about this buy limit because price had been stuffing about there for awhile and I just had a feeling we weren't going to go any higher. So I put on a tenth of my normal sized position (s = small position). Sure enough stopped me out. -.5 of a pip
4 - Now I watched price get comfortable in a new direction and I didn't want in until price had gone below that most recent swing low. It went below it but just failed to reach 1.4150. I initially put a sell limit in, but then took it off because I am trying to be strict with my rules. Would have made my PT but I was happy to watch.
5 - Sell filled and PT hit at pivot just above . I'm still getting used to factoring in my spread so +9 profit.
6 - This is not on my chart (edit- is now) because while I was typing this I placed the orders.. I had been watching that there was GBP news coming out so I was planning to be off the charts at 6.30pm to go and buy dinner.
However while watching price retrace from 1.4137 moving towards 1.4150 where I had planned to place a sell stop, I decided against my plan and put in the sell stop (without checking the results of the news).
My order was filled and then I was promptly stopped out -6. Again without checking the news results I placed another sell stop at 1.4150. It was filled and price, even quicker this time, flew back up and stopped me out -6.
I then checked the news on GBP, it was positive and the Pound was flying up, so chances are the Euro was about to do the same..
Checking now it has done exactly that.
So quite a good night, up until the end
Feeling really good about it though, I was able to step back tonight and be patient and wait for price. Everytime I looked at the charts and thought 'c'mon get there', or 'stop stop'. I would take a few deep breaths and remind myself that price will do what price will do and that there are plenty of opportunities. That would prevent any emotions from taking hold and I was able to remain calm and cool.
Silly mistake with the news at the end, but I won't do that again now, so that was a little learning bonus
Nice work there geduim. My only advice to you is more patience. Patience on your entries and patience on letting the trade happen.
Best to use stop breakout orders only when there are fast movements.
Learning that ideally - our first choice is a full 12 pips back from where ever we currently are. If we can get that - great. If not - then what is our second choice and when do we take it. We like to just right ahead to option 2 or 3 without giving option 1 - our best option a chance to actually work itself out.
- #408
- Edited 7:40am May 17, 2011 4:44am | Edited 7:40am
For now it's time to build some good habits!
I was able to step back tonight and be patient and wait for price. Everytime I looked at the charts and thought 'c'mon get there', or 'stop stop'. I would take a few deep breaths and remind myself that price will do what price will do and that there are plenty of opportunities. That would prevent any emotions from taking hold and I was able to remain calm and cool.
I'm happy to see that you did great work on building those habits, great discipline and emotion control, keep it up - #409
- May 17, 2011 4:58am May 17, 2011 4:58am
That's the way to go nhen
Thanks for nice chart, good trades
- #415
- May 17, 2011 12:05pm May 17, 2011 12:05pm
-21 pips today, but plenty of screen time to identify areas where I need to work on. One moment of lost focus is certainly costly. The last -6, should have been +12 which means 18 pips. Intention was to set a limit retrace order, but when order was hit I realised I actually set a stop breakout order 
Today, I certainly was out of touch with the market.
Today, I certainly was out of touch with the market.
Much depend on luck, but the more you practice the luckier you get! NT & GP
- #416
- May 17, 2011 12:20pm May 17, 2011 12:20pm
I do not think anybody was out of sync with the market today but rather today was one of those choppy days - price is consolidating and it was a battle of the bots.
One of the reasons I prefer candlestick charts is because you can see the indecision at every bar. If you eyeball a chart and it looks like barbed wire - then it is going to be rough scalping.
The long wicks going in both direction indicates that neither the bulls or the bears are in control.
I managed to get out with 64 pips this morning. My first 3 trades were losers -- chopped up in the barbed wire before I realized what was going on. Once the choppiness was identified I widened my stops (generally not a good habit to develop) and targets to make the day profitable. I do not think anyone likes trading days like today.
One of the reasons I prefer candlestick charts is because you can see the indecision at every bar. If you eyeball a chart and it looks like barbed wire - then it is going to be rough scalping.
The long wicks going in both direction indicates that neither the bulls or the bears are in control.
I managed to get out with 64 pips this morning. My first 3 trades were losers -- chopped up in the barbed wire before I realized what was going on. Once the choppiness was identified I widened my stops (generally not a good habit to develop) and targets to make the day profitable. I do not think anyone likes trading days like today.
- #418
- May 17, 2011 12:25pm May 17, 2011 12:25pm
-21 pips today, but plenty of screen time to identify areas where I need to work on. One moment of lost focus is certainly costly. The last -6, should have been +12 which means 18 pips. Intention was to set a limit retrace order, but when order was hit I realised I actually set a stop breakout order
Today, I certainly was out of touch with the market.
Mongolian
